Raymarine plc has announced that Portland, OR-based FLIR Systems, Inc. has entered into a definitive agreement to acquire all outstanding shares of its wholly-owned subsidiary, Raymarine Holdings Limited.
The transaction is said to be valued at approximately US$180 million, and includes repayment of all of Raymarine's outstanding debts.
The acquisition represents the entire business operations of Raymarine and its subsidiaries. The company reported revenues of US$170 million for the 12 months ended December 31, 2009.
A FLIR statement notes the acquisition furthers FLIR's marine strategy by dramatically increasing its maritime distribution network with the addition of Raymarine's 1,000 dealer outlets and more than 400 marine OEMs, nearly all of which are additive to FLIR's existing distribution. FLIR plans to expand Raymarine's product line breadth by integrating thermal imaging cameras with Raymarine's display, radar and autopilot product lines to create the broadest, most effective, and easiest to use suite of products in the marine electronics industry.
“We are pleased to announce this strategically compelling transaction,” saidd Earl Lewis, President and CEO of FLIR, in a the statement. “Raymarine is a leading brand in the industry and has an outstanding reputation for high quality marine electronics equipment. When fully integrated, we expect to have a significant marine electronics business as part of our Commercial Systems business. I welcome Raymarine's employees to FLIR.”
For Raymarine's press release, click here.